* U.S. fiscal cliff concerns overshadow Greek debt deal
* Nov consumer confidence highest in more than 4 years
* Home prices rise for 8th month in Sept- survey
* Indexes down: Dow 0.3 pct, S&P 0.2 pct, Nasdaq 0.2 pct
By Angela Moon
NEW YORK, Nov 27 U.S. stocks fell on Tuesday as
worries over the impact of "fiscal cliff" on the economy
overshadowed progress in easing Greece's debt burden and a slew
of positive U.S. economic data.
A deal in Europe to release emergency aid to debt-laden
Greece gave a brief, early lift to stocks, but the news was not
enough to sustain the gains as investors confronted the looming
"fiscal cliff" at home.
As Democrats and Republicans prepared to resume efforts to
bridge their sharp differences over taming the federal debt this
week in Washington, the market resumed its cautious mode.
"It's like there is nothing else but the fiscal cliff now.
It is too big of an issue both economically and politically for
investors to just brush off," said Jack DeGan, chief investment
officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
The market's worry is whether Congress and the White House
can agree on ways to avoid some $600 billion in automatic
spending cuts and tax increases that are due to kick early next
year. Some fear dramatic fiscal restraint could send the economy
"It's hard for markets to move on fundamentals now. Even if
they do, they quickly come back to being cautious. Investors may
buy on small dips but they don't stay in that position for
long," DeGan said.
Market reaction was muted to data that showed Americans'
confidence in November hit the highest level in more than four
years and home prices in September rose for an eighth straight
In addition, a gauge of planned U.S. business spending
increased by the most in five months in October, data on durable
goods orders showed.
The Dow Jones industrial average was down 37.35
points, or 0.29 percent, at 12,930.02. The Standard & Poor's 500
Index was down 2.75 points, or 0.20 percent, at 1,403.54.
The Nasdaq Composite Index was down 4.21 points, or 0.14
percent, at 2,972.58.
As of Monday's close, the S&P 500 was holding above the
1,400, the level it reclaimed last week. But volume continued to
be weak as traders awaited any progress to avert the fiscal
restraint. Last week, the S&P 500 advanced nearly 4 percent.
Among individual stocks, Corning Inc shares rose 6.3
percent to $12.07 after the specialty glass maker said it
expects full-year sales of its Gorilla glass, used in
smartphones and tablets, to approach $1 billion.
McMoRan Exploration Co shares tumbled 22 percent to
$7.55 after the oil and gas explorer said on Monday that it
could not achieve a measurable flow test at its key Davy Jones
No. 1 well in the Gulf of Mexico.